Shares opened at SGD 1.13 (89 US cents) as they started trading on the Singapore Exchange on Friday, down 1.7% from the IPO price of SGD 1.15.
The weak start came despite POSH’s stock offering of 252m shares reportedly being three times oversubscribed.
The IPO raised gross proceeds of about SGD 388m ($308m). If the over-allotment option of 46m shares is exercised in full, this will increase to SGD 441m
After deducting costs the proceeds of the IPO will be used as repayment of part of the outstanding amounts under POSH’s revolving facilities.
BofA
